Ed Shaw Law - Brainerd Attorney
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Coronavirus Impact and Assurance: Yes! We are still open for business!

As you are all aware, we are currently facing unique challenges due to the Coronavirus. While this is a serious crisis, it is important to keep it in perspective, and not allow it to prevent us from going about our business. We want to assure all of our clients that this office is prepared to serve your needs, regardless of what happens and how the virus affects Minnesota. In an effort to keep the office safe, we have stepped up prevention and sanitation measures in hopes to prevent disease transmission.

Because we are a paperless office, our entire staff is prepared to work from home if necessary. No matter what happens, we will continue to provide our clients with the highest quality legal services.  So far, not one client or staff member has become infected based on contact at this office and we will continue with safety protocols in an attempt to keep it that way. My office will continue to put the safety of our staff and you as our top priority. We do greatly appreciate your cooperation in conducting business in a safe fashion by utilizing current technology. Regardless of what happens, we will continue to take care of all of your legal needs.

Please rest assured, we will continue to take care of your legal needs in this challenging time, and your safety is our highest priority.

Please see our blog for more info on pandemic response.

Retirement savings can be affected by divorce

| Jun 25, 2018 | Divorce

Most Minnesota spouses facing divorce know to expect a range of emotional, practical and financial challenges. While people often think of these issues in the immediate terms, the ripple effects of a divorce can echo for years in a person’s financial life. It can be particularly important for newly single people to plan for the future in order to increase their preparedness for retirement, especially since divorce is more highly correlated with difficulties in maintaining a standard of living in the retired years.

The Center for Retirement Research, a study center at Boston College, examined the effects of divorce on retirement risk, an index developed by the center to assess the number of American households that can maintain their financial comfort and security after they stop working. Approximately half of all households across the country face a risk of being unable to keep up that standard if they retire. That risk is higher for divorcees by approximately 7 percentage points.

There are several reasons for this. In the first place, retirement funds are often some of the largest assets dealt with during property division. Depending on the age a person divorces, it can be more difficult to build those assets up to a pre-divorce level before retirement. This can be a particular concern for people who divorce over 50. In addition, there are savings that married people benefit from by combining resources like housing and transit.

Divorce can have ongoing financial impacts throughout a person’s life. That’s why it can be important to deal with these issues during settlement talks. A family law attorney can help a divorcing spouse to achieve a fair settlement in terms of asset division, spousal support and other key matters.